TL;DR
- CryptoQuant CEO Ki Young Ju states that Bitcoin’s cycle bottom is still not confirmed, based on on-chain realized price behavior and previous market cycles.
- BTC trades near $59,596, up 0.3% in 24 hours, after a rebound toward $61,000 that shows weak spot demand.
- Traders focus on $61,900 resistance and $58,800 support, key levels that may define the next move.
Bitcoin is trading around $59,596, posting a 0.3% gain in the last 24 hours after a volatile session that briefly pushed price toward $58,000. The recovery toward $61,000 is being treated as a relief bounce rather than a confirmed reversal. Market participants continue to evaluate whether demand is strong enough to sustain the move or if selling pressure will return around liquidity zones.
Not sure Bitcoin is at the cycle bottom. pic.twitter.com/rhDiIbHkxY
— Ki Young Ju (@ki_young_ju) June 26, 2026
On-Chain Signals Keep Market Cautious About Cycle Bottom Formation
CryptoQuant CEO Ki Young Ju maintains that Bitcoin has not confirmed a cycle bottom, pointing to on-chain indicators that historically align with deeper accumulation phases. Realized price, which tracks the average cost basis of coins moved on-chain, remains a key reference for assessing investor positioning. In past cycles, Bitcoin often approached or moved closer to realized price before forming durable lows. At current levels, BTC still trades above several important cost clusters, suggesting that downside risk may not be fully exhausted. While the recent move toward $61,000 improved short-term sentiment, broader cycle indicators remain unchanged. Long-term holder behavior continues to show mixed signals, with no clear evidence of sustained accumulation. This keeps the market in a transitional phase where rebounds occur, but confirmation of a structural bottom is still absent.
Outlook And Market Positioning
The rebound began during Asian trading hours after Bitcoin cleared liquidity near $58,000, triggering a short-term recovery. However, market data suggests buying pressure remains weak, with cumulative volume delta showing limited aggressive spot demand. This indicates the move higher lacks strong conviction support. BTC now trades within a narrow range where liquidity levels dominate short-term behavior. The $61,900 zone is viewed as a key resistance area where liquidation flows could increase volatility if tested. On the downside, $58,800 remains a critical support level, aligned with recent lows and potential buyer interest if selling pressure returns. The structure continues to reflect consolidation rather than a decisive trend, with price reacting mainly to liquidity shifts instead of sustained demand.
